GAMECHANGER! INTEREST FREE LOANS FOR RESIDENTIAL SOLAR
Natural Resources Canada (NRCAN) have recently launched the Canada Greener Homes Loan program as an addition to the Greener Homes rebate (see “Get Paid to Go Green”). An interest free loan (10 years 0% interest), this program is intended to help improve your home’s energy efficiency. This is a gamechanger for people considering solar and looking at the return on investment.
The program is open to qualifying homeowners (see criteria here) who are applying for the Greener Homes Grant or are active participants in the program at the pre-retrofit stage. As long as you have not had your solar energy system installed you can use the same energy evaluation for both the grant and
A few pointers about the loan:
1 – It is unsecured, meaning you don’t require any collateral. You only need to meet the eligibility requirements which include a good credit history.
2 – You have ten (10) years to pay off the loan with the first installment starting the 1st day of the second month after receiving the loan.
3 – You can repay the loan early without penalty.
4 – If you sell your home you can apply for the Greener Homes Program for your new primary residence provided the previous loan has been paid in full.
It is important that you read all eligibility criteria and grant requirements to be sure that you will qualify for the grant at the end of the process.
To get started, follow these steps:
Step 1 – Register for the Greener Homes Grant. When registering you will need to select an approved service organization (SO) to perform the EnerGuide Evaluations, both pre and post-retrofit. Check with your solar advisor for guidance on selecting an SO agency near you. Once registered for the grant it is good to follow up with the organization (your solar advisor will offer to do so on your behalf). This program is extremely poplar and the energy advisors are very busy. You need to schedule the pre retro-fit assessment. In the meantime, get quotes for your solar energy system.
Step 2 – THIS STEP MUST BE COMPLETED BEFORE ANY YOU START THE RETROFIT
Once contacted by the Service Organization performing your pre-retrofit home energy evaluation, prioritize your renovations. Be sure to tell your energy advisor you are planning on adding solar. After the pre-assessment is completed, you will get a copy of your pre-retrofit EnerGuide evaluation report. On the grant portal a LOAN button will now be visible. At this stage, you can apply for a loan. The loan will help cover the cost of retrofits that are both eligible and recommended by your energy advisor. The minimum loan amount is $5,000 to a maximum $40,000. The loan will cover costs that are eligible and recommended in the assessment.
Both the grant and the loan are paid after you’ve completed your retrofits, had the post-retrofit evaluation, sent in all your documentation, and requested your loan disbursement through the online portal. You can receive an initial loan advance up to a maximum of 15% of your eligible costs, to cover upfront expenses such as your contractors’ deposits.
STEP 3 – Once the home energy assessment has been completed you can proceed with your installation.
STEP 4 – Contact your energy advisor to schedule the post retro-fit evaluation. Complete and submit all the required documentation to the NRCAN portal.
STEP 5 – Once the grant amount is confirmed you will receive the grant by mail within 30 days. At Energy Economics we have worked with the Greener Homes Initiative since it’s inception and have a 100% success rate helping qualified homeowners to navigate through the application process to claim their grant. Our advisors have excellent rapport with the various Service Organizations proving assessments in the Okanagan and the Kootenays and will help you schedule the energy assessments to get your solar project completed in a timely fashion.
We have created custom solar solutions for hundreds of clients, across British Columbia. Energy Economics delivers complete solutions to clients across British Columbia, working with you to establish your future energy needs, and designing a complete system to bring your energy independence to fruition.
Take the next step. Contact us.
In the Okanagan call Garth at 250-938-2788 or Josh at 250-718-7282.
In the Kootenays, call Jim at 250-254-2555.
Or, email us at ILoveSolar@energyeconomics.ca
ROOFTOP GRID-TIED SOLAR